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PERCENTAGE OF COMPLETION METHOD AttiK Construction Company currently has a long-term construction project. The project has...

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Accounting

PERCENTAGE OF COMPLETION METHOD AttiK Construction Companycurrently has a long-term construction project. The project has acontract price of $130,000,000 with total estimated costs of$100,000,000. AttiK appropriately uses the percentage of completionmethod. After 2 years of construction, the following costs havebeen accumulated: Actual cost incurred, Year 1 $30,000,000 Totalestimated costs remaining after Year 1 70,000,000 Actual costincurred, Year 2 50,000,000 Total estimated cost remaining afterYear 2 20,000,000 Determine the gross profit for each of the first2 years of the construction contract.

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